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Item 1.01 Entry into a Material Definitive Agreement.
On April 9, 2024, ImmuCell Corporation (the “Company”) entered into an At The Market Offering Agreement (the “Sales Agreement”) with Craig-Hallum Capital Group LLC (the “Sales Agent”), pursuant to which the Company may offer and sell, from time to time, through the Sales Agent, up to $11,000,000 of shares of its common stock, par value $0.10 per share (the “Common Stock”).
The Company is not obligated to sell any shares under the Sales Agreement. Subject to the terms and conditions of the Sales Agreement, the Sales Agent will use commercially reasonable efforts consistent with their normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The Nasdaq Capital Market to sell shares from time to time based upon the Company’s instructions, including any price, time or size limits specified by the Company. Upon delivery of a sales notice to the Sales Agent, and subject to the Company’s instructions in that notice, and the terms and conditions of the Sales Agreement generally, the Sales Agent may sell the Common Stock by any method permitted by law deemed to be an “at the market offering” as defined by Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended.
The Sales Agreement provides that the Sales Agent will be entitled to compensation for its services in an amount equal to 3.0% of the gross proceeds from the sales thereunder. The Sales Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Sales Agent, other obligations of the parties and termination provisions.
The shares of Common Stock will be issued pursuant to the Company’s effective shelf registration statement on Form S-3 (File No. 333-278438), filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024, and declared effective by the SEC on April 9, 2024.
The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed herewith as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.
This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any shares under the Sales Agreement, nor shall there be any sale of such shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
In connection with entering into the Sales Agreement, on April 8, 2024, the Company entered into an amendment (the "First Amendment") to the Company’s Economic Recovery Loan Program Loan Agreement, by and between the Company and the Finance Authority of Maine dated July 17, 2023 (the “FAME Loan Agreement”). The First Amendment, among other things, amends the FAME Loan Agreement to remove any restrictions on the Company’s ability to issue equity securities, permitting sales pursuant to the Sales Agreement.
The First Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The foregoing description of the terms of the First Amendment is qualified in its entirety by reference to such exhibit.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description | |
1.1 | At The Market Offering Agreement, dated April 9, 2024, by and between ImmuCell Corporation and Craig-Hallum Capital Group LLC | |
10.1 | Consent and First Amendment to Economic Recovery Loan Program Loan Agreement, dated April 8, 2024, by and between the Company and the Finance Authority of Maine | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IMMUCELL CORPORATION | ||
Date: April 9, 2024 | By: | /s/ Michael F. Brigham |
Name: | Michael F. Brigham | |
Title: | President, Chief Executive Officer and Treasurer |
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